Octopolis Technologies Pvt Ltd, which runs business-to-business (B2B) wholesale platform for fast-moving consumer goods (FMCG), Apnaklub, on Thursday said it has secured Series A funding of $10 million (around Rs 77 crore) from Tiger Global.
The latest round follows after Apnaklub raised $4 million (approximately Rs 31 crore) from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
The startup plans to use the fresh proceeds to deepen its infrastructure in key states, expand platform to 20,000 partners and build credit product.
“ApnaKlub helps retailers and traders in tier 2 and 3 cities of India to leverage their collective demand and geographic presence, into a flourishing retail business, which provides greater consumer choice and delight, by providing access to a wider range of products at comparable margins, as well as better credit and logistics terms than status quo," said Shruti, Co-Founder and CEO of ApnaKlub.
"ApnaKlub brings the convenience of digital wholesale supply to tier 2 & tier 3 smartphone users. It also creates opportunities for regional brands to list their products and earn better by reaching a wider audience across India," said Manish Kumar, Co-Founder and COO of ApnaKlub.
Founded in 2020 by Shruti and Manish Kumar, ApnaKlub offers FMCG wholesale platform for low population density markets with a focus on social sellers and Kirana-store owners from tier 2 and 3 cities.
With ApnaKlub, users can digitise their wholesale business as a rural wholesaler or expand their business as a shopkeeper. It takes care of order aggregation, transport, inventory handling and provides a zero capital model, the firm said in a statement.
"Indian CPG retail is a $100 billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels. Shruti and Manish have built a rapidly growing platform based on deep customer insights," said John Curtius, Partner at Tiger Global.